Altcoins
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The recent 1.2% reduction tax initiative Terra Luna Classic (LUNC) introduced by the Terra community continues to be a hot topic on various social platforms.
Social media activity by LUNC (Source: Santiment)
Sept. 22 data from analytics firm Santiment marks a massive surge in LUNC’s social activity, with the top 10 most searched words on social platforms including “lunc”, “burn” and “terra”. Typically, such bursts cause volatility in the price of the token.
At the time of writing, the price of LUNC is down about 4.2% to $0.00027010, according to CoinGecko. In addition to weakening against the US dollar, LUNC lost -3.80% in relation to the leader of the cryptocurrency market, Bitcoin (BTC).
As for the 24-hour trading volume, it also fell to $392 million.
LUNC/USDT daily chart (Source: CoinMarketCap)
Investors and traders should be aware of the head and shoulders pattern that has formed on the daily LUNC/USDT chart, which is a sign of a bullish to bearish trend reversal. In addition, the trend reversal is supported by the 9 exponential moving average (EMA) line, which tends to cross the 20 (EMA) line.
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